Shays’ Rebellion In 1786, engraving is from Hulton Archive/Getty Images
For instance – Shays’ Rebellion In 1786, poor farmers in Massachusetts rebelled when creditors came calling during a recession.
Today, as in 1786, the majority of Americans no longer blame the borrower, but are pointing fingers at the credit card companies and mortgage lenders. Corey Calabrese, a Fordham Law student who is an administrator of the school’s walk-in clinic for debtors at Manhattan Civil Court. Public sentiment is on their side, she added: “For the first time, Americans are no longer blaming the borrower but are looking at the credit card companies.” According to a Quinnipiac University poll in February 2009, 62 percent of those polled blamed mortgage lenders “who loaned the money to people who may not be able to pay it back.” Only a quarter blamed homeowners.
This fresh start principle is also set forth in the Bible. According to the Old Testament, every 50th year all debts were to be cancelled. This was known as the “Year of Jubilee”. (Leviticus 25:10-15) Also, every 7th year, creditors were to release their clients from debts. This was called the “Lord’s release”. (Deuteronomy 15:1-2) “If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him, you shall not charge him interest.” (25 New King James Bible) “Restore now to them, even this day, their lands, their vineyards, their olive groves, and their houses, also a hundredth of the money and the grain, the new wine and the oil, that you have charged them” (Nebemiah 5:10,11).
Other articles or links…
Root of All Evil Credit Has Taken the Place of Money (a blog post)